Nuance & Shoppers' Stop to operate retail at Hyderabad airport
04 Apr '07
3 min read
The Nuance Group and its Indian joint venture partner Shoppers' Stop have been awarded the concession to operate retail at Hyderabad International Airport. The JV partners are expecting to earn revenue of up to USD 240 million over the period of seven years. The contract will commence in March 2008, when the new airport is scheduled to open. With this concession, Nuance, who has defined India as a key growth market, adds a second high-potential airport to its Indian portfolio.
Hyderabad Airport has awarded the concession to operate retail at both the international and domestic terminals to the consortium of the two companies. The international retail will be managed by Nuance Group (India) Private Limited, the joint venture company of The Nuance Group and Shoppers' Stop Ltd, whereas Shoppers' Stop's Airport Division will handle retail in the domestic part. The two contracts together cover retail space of some 2'810 sqm for a duration of total seven years. Over the contract period, the concession's estimated worth is USD 240 million.
Hyderabad Airport is one of India's 5 largest airports and also the one with the highest growth rate. The new airport, to be opened in 2008, is privately owned. In 2006, Hyderabad Airport handled 5.5 million passengers on an annual basis, out of which just over 1.1 million travelled internationally.
The retail offer in the international terminal will comprise a total of three stores, covering 2'500 sqm. One of these stores is a 1'277 sqm arrival store. Domestic retail will consist of three stores and a total of 310 sqm.
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